J.P. Morgan Exchange-Traded Fund Trust

CONTENTS


President's Letter	1
Market Overview	2
Fund Commentaries:	3
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF	3
JPMorgan Active Growth ETF	6
JPMorgan Active Value ETF	9
JPMorgan Equity Premium Income ETF	12
JPMorgan Nasdaq Equity Premium Income ETF	15
Schedules of Portfolio Investments	18
Financial Statements	37
Financial Highlights	44
Notes to Financial Statements	46
Schedule of Shareholder Expenses	56
Board Approval of Management Agreements	57
Board Approval of Initial Management Agreement	61

Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

President's Letter
February 13, 2023 (Unaudited)

Dear Shareholder,

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

“Investors may face continued

economic and geopolitical challenges

in the year ahead. However, some of

the acute risks encountered in 2022

appear to have receded and last

year’s reset in asset prices may

provide attractive investment

opportunities.”

— Brian S. Shlissel

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve’s efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe’s largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year’s reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely,

Brian S. Shlissel
President - J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information

December 31, 2022

J.P. Morgan Exchange-Traded Funds

MARKET OVERVIEW
SIX MONTHS ENDED December 31, 2022 (Unaudited)

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the “Fed”), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe’s efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and investor concerns over increased competition weighed on the communication services sector.

Overall, mid cap growth stocks generated the highest U.S. equity returns, while large cap and mid cap value stocks outperformed small cap stocks and large cap growth stocks. For the six month period, S&P 500 Index returned 2.31%, the Russell 1000 Index returned 2.30%, the Russell Mid Cap Index returned 6.20% and the Russell 2000 Index returned 3.91%

J.P. Morgan Exchange-Traded Funds

December 31, 2022

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	3.28%
Market Price **	3.45%
S&P 500 Index	2.31%
Net Assets as of 12/31/2022	$24,075,020
Fund Ticker	JUSA

INVESTMENT OBJECTIVE ***

The JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities of large, well-established companies located in the U.S. The Fund allocates to a variety of the adviser’s actively managed U.S. equity strategies, including style strategies and seeks to outperform the S&P 500 Index (the “Benchmark”) over time while maintaining similar risk characteristics.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended December 31, 2022, the Fund outperformed the Benchmark.

The Fund’s security selection in the capital goods and health care equipment & services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the banks sector and the media & entertainment sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Deere & Co., Lowe’s Cos. and AutoZone Inc. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and

earnings. Shares of Lowe’s, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of AutoZone, an automotive parts retail chain, rose after the company reported fiscal first quarter results that included better-than-expected earnings and revenue, and growth in same-store sales.

Leading individual detractors from relative performance included the Fund’s underweight positions in JPMorgan Chase & Co. and Netflix Inc., and its overweight position in Bristol-Myers Squibb Co. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Netflix, an entertainment content and services provider, rose amid improving subscriber numbers and positive investor response to the company’s advertising initiatives during the period. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s largest overweight allocations relative to the Benchmark were to the health care equipment & services sector and the retailing sector and its largest underweight allocations were to the technology hardware &

equipment sector and software & services sector.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $43.77 as of December 31, 2022.

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $43.75.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Microsoft Corp.	6.0%
2.	Apple, Inc.	5.2
3.	AbbVie, Inc.	2.8
4.	UnitedHealth Group, Inc.	2.7
5.	Amazon.com, Inc.	2.3
6.	Alphabet, Inc., Class A	2.1
7.	ConocoPhillips	2.0
8.	Coca-Cola Co. (The)	1.7
9.	Deere & Co.	1.6
10.	NextEra Energy, Inc.	1.6

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Information Technology	23.0%
Health Care	18.4
Financials	12.2
Consumer Discretionary	11.9
Industrials	9.9
Communication Services	5.7
Energy	5.5
Consumer Staples	4.7
Utilities	3.2
Materials	3.2
Real Estate	1.9
Short-Term Investments	0.4

J.P. Morgan Exchange-Traded Funds

December 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF
Net Asset Value	July 7, 2021	3.28%	(16.78)%	(6.00)%
Market Price		3.45	(16.89)	(6.02)


*	Not annualized.

LIFE OF FUND PERFORMANCE (7/7/21 TO 12/31/22)

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-844-457-6383.

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and the S&P 500 Index from July 7, 2021 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500

Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Active Growth ETF

FUND COMMENTARY
FOR THE PERIOD AUGUST 8, 2022 (FUND INCEPTION) THROUGH DECEMBER 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(10.91)%
Market Price **	(10.91)%
Russell 1000 Growth Index	(13.13)%
Net Assets as of 12/31/2022	$139,938,629
Fund Ticker	JGRO

INVESTMENT OBJECTIVE ***

The JPMorgan Active Growth ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities of U.S. large-capitalization companies, but the adviser has discretion to invest in securities across the whole market capitalization spectrum, including securities of mid-capitalization and small-capitalization companies. In implementing its main strategies, the Fund invests primarily in common stocks of companies that the adviser believes have strong earnings growth potential.

HOW DID THE FUND PERFORM?

For the period from inception on August 8, 2022 to December 31, 2022, the Fund had a negative absolute return and outperformed the Russell 1000 Growth Index (the “Benchmark).

The Fund’s overweight position in the health care sector and its underweight position in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the technology and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Deere & Co. and Regeneron Pharmaceuticals Inc., and its underweight position in Amazon.com Inc. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares

of Regeneron Pharmaceuticals, a drug development company, rose after the company reported positive clinical results for several of its drug candidates. Shares of Amazon.com, an internet retailer and services provider, fell amid a broad decline in large capitalization technology companies.

Leading individual detractors from relative performance included the Fund’s overweight positions in SVB Financial Group and Catalent Inc., and its underweight position in Visa Inc.
Shares of SVB Financial Group, a regional banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2022 and amid investor concern about the company’s exposure to the information technology sector. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year. Shares of Visa, a credit card and financial transactions processor, rose after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter, increased its quarterly dividend by 20% and unveiled a $12 billion share repurchase plan.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the technology and health care sectors and it had no allocations to the real estate and utilities sectors.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2022, the closing price was $44.43.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Apple, Inc.	7.9%
2.	Microsoft Corp.	7.8
3.	Alphabet, Inc., Class C	3.6
4.	Amazon.com, Inc.	3.3
5.	UnitedHealth Group, Inc.	2.7
6.	Deere & Co.	2.6
7.	Regeneron Pharmaceuticals, Inc.	2.3
8.	Eli Lilly & Co.	2.2
9.	Charles Schwab Corp. (The)	2.0
10.	McKesson Corp.	1.9

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Information Technology	33.5%
Health Care	21.5
Consumer Discretionary	13.1
Industrials	9.5
Financials	6.0
Communication Services	4.4
Energy	3.3
Consumer Staples	3.1
Materials	1.5
Short-Term Investments	4.1

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Active Growth ETF

FUND COMMENTARY
FOR THE PERIOD AUGUST 8, 2022 (FUND INCEPTION) THROUGH DECEMBER 31, 2022 (Unaudited) (continued)

TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	CUMULATIVE SINCE INCEPTION
JPMorgan Active Growth ETF
Net Asset Value	August 8, 2022	(10.91)%
Market Price		(10.91)

LIFE OF FUND PERFORMANCE (8/8/22 TO 12/31/22)

Fund commenced operations on August 8, 2022.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Growth ETF and the Russell 1000 Growth Index from August 8, 2022 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Growth Index does not reflect

the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

JPMorgan Active Value ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	7.94%
Market Price **	8.12%
Russell 1000 Value Index	6.11%
Net Assets as of 12/31/2022	$302,386,680
Fund Ticker	JAVA

INVESTMENT OBJECTIVE***

The JPMorgan Active Value ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in large- and mid-cap equity securities that the adviser believes are attractively valued given their growth potential over a long-term time horizon. The Fund employs a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the six months ended December 31, 2022, the Fund outperformed the Russell 1000 Value Index (the “Benchmark”).

The Fund’s security selection in the consumer discretionary sector and its underweight position in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s underweight position in Intel Corp., it’s overweight position in Cardinal Health Inc. and its out-of-Benchmark position in TJX Cos. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains. Shares of Cardinal Health, a pharmaceuticals and health care products distributor, rose after the company reported

better-than-expected earnings and revenue for its fiscal first quarter. Shares of TJX, an operator of discount retail apparel and home products chains, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower priced retailers.

Leading individual detractors from relative performance included the Fund’s underweight position in JPMorgan Chase & Co., and its overweight positions in Bristol-Myers Squibb Co. and Fidelity National Information Services Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Bristol-Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates. Shares of Fidelity National Information Services, a financial services technology provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its earnings forecast for the full year 2022.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the financials and health care sectors and its smallest allocations were to the real estate and

utilities sectors.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Active Value ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Bristol-Myers Squibb Co.	2.9%
2.	Wells Fargo & Co.	2.7
3.	Exxon Mobil Corp.	2.5
4.	Berkshire Hathaway, Inc., Class B	2.4
5.	Raytheon Technologies Corp.	2.0
6.	AbbVie, Inc.	2.0
7.	Chevron Corp.	1.9
8.	Bank of America Corp.	1.9
9.	Charter Communications, Inc., Class A	1.4
10.	ConocoPhillips	1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Financials	21.1%
Health Care	17.9
Industrials	12.2
Energy	9.2
Consumer Discretionary	7.1
Consumer Staples	6.7
Communication Services	5.5
Materials	5.2
Information Technology	5.1
Utilities	4.7
Real Estate	3.0
Short-Term Investments	2.3

J.P. Morgan Exchange-Traded Funds

December 31, 2022

AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Active Value ETF
Net Asset Value	October 4, 2021	7.94%	(0.78)%	4.32%
Market Price		8.12	(0.88)	4.28


*	Not annualized.

LIFE OF FUND PERFORMANCE (10/4/21 TO 12/31/22)

Fund commenced operations on October 4, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF and the Russell 1000 Value Index from October 4, 2021 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Value Index does not reflect

the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Equity Premium Income ETF

FUND COMMENTARY
SIX MONTHS ENDED December 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	5.48%
Market Price **	5.56%
S&P 500 Index	2.31%
ICE BofAML 3-Month US Treasury Bill Index	1.32%
Net Assets as of 12/31/2022	$17,485,138,199
Fund Ticker	JEPI

INVESTMENT OBJECTIVE***

The JPMorgan Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

The Fund seeks to generate income through a combination of options-based equity-linked notes and investing in a portfolio of U.S. large and mid cap stocks, comprised significantly of those includes in the S&P 500 Index (the “Benchmark”), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund uses a proprietary research process designed to identify over- and undervalued stocks with attractive risk/return characteristics.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund outperformed the both S&P 500 Index (the “Benchmark”) and the ICE BofAML 3-Month US Treasury Bill Index for the six months ended December 30, 2022. The Fund captured 238% of the Benchmark’s total return with about 61% of the Benchmark’s volatility during the reporting period, resulting in distributed income of $3.95 per share.

During the period, the Fund benefitted from increased volatility in financial markets and interest rates. The Fund’s underweight position in the information technology sector and its overweight positions in defensive sectors, including utilities and consumer staples, also contributed to performance amid a broad sell-off in the information technology sector during the period. The Benchmark rebounded somewhat in the fourth quarter of 2022 and the Fund’s use of call options (within the equity-linked note structure) on a rolling weekly basis allowed the Fund to further benefit from rising equity prices.

The Fund’s security selection in the consumer discretionary and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its security

selection in the utilities sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in O’Reilly Automotive Inc. and Lowe’s Cos., and its underweight position in Amazon.com Inc. Shares of O’Reilly Automotive, an auto parts retailer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Lowe’s, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of Amazon.com, an internet retailer and services provider, fell amid a broad decline in large capitalization technology companies.

Leading individual detractors from relative performance included the Fund’s out-of-Benchmark position in TC Energy Inc. and its overweight positions in Exelon Corp. and Bristol-Myers Squibb Co. Shares of TC Energy, an oil and natural gas storage and pipelines operator, fell after the company shut down its Keystone Pipeline System following a leak an estimate half-million gallons of crude oil. Shares of Exelon, an electric utility, fell after the company reported lower-than-expected earnings for the second quarter of 2022 and investor concerns over winter storm damage. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers maintained a defensive equity portfolio, investing primarily in common stocks of large cap U.S. companies, with reduced volatility compared with the Benchmark, while using options-based equity-linked notes in a consistent and disciplined manner. The combination of the diversified portfolio of equity securities and income from options-based equity-linked notes provided the Fund with returns associated with equity market investments, less risk compared with the

equity market, and a stream of distributable monthly income.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****	Equity-Linked Notes that are linked to the S&P 500 Index.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	AbbVie, Inc.	1.6%
2.	Progressive Corp. (The)	1.6
3.	Exxon Mobil Corp.	1.6
4.	UnitedHealth Group, Inc.	1.5
5.	Coca-Cola Co. (The)	1.5
6.	Hershey Co. (The)	1.5
7.	PepsiCo, Inc.	1.5
8.	Honeywell International, Inc.	1.4
9.	Bristol-Myers Squibb Co.	1.4
10.	Eli Lilly & Co.	1.4

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Industrials	12.4%
Health Care	12.3
Consumer Staples	11.6
Information Technology	10.8
Financials	10.3
Utilities	7.8
Consumer Discretionary	5.6
Communication Services	3.7
Materials	3.3
Energy	2.8
Real Estate	2.6
Other ****	15.3
Short-Term Investments	1.5

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Equity Premium Income ETF

FUND COMMENTARY
SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	SIX MONTHS*	1 YEAR	SINCE INCEPTION
JPMorgan Equity Premium Income ETF
Net Asset Value	May 20, 2020	5.48%	(3.54)%	13.34%
Market Price		5.56	(3.52)	13.36


*	Not annualized.

LIFE OF FUND PERFORMANCE (5/20/20 TO 12/31/22)

Fund commenced operations on May 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 20, 2020 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend

reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

JPMorgan Nasdaq Equity Premium Income ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited)

REPORTING PERIOD RETURN:
Net Asset Value *	(2.96)%
Market Price **	(3.51)%
Nasdaq-100 Index®	(4.46)%
ICE BofAML 3-Month US Treasury Bill Index	1.32%
Net Assets as of 12/31/2022	$1,004,291,637
Fund Ticker	JEPQ

INVESTMENT OBJECTIVE***

The JPMorgan Nasdaq Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

The Fund seeks to generate income through a combination of options-based equity-linked notes and investing in a portfolio of U.S. large cap and mid cap growth stocks comprised significantly of those included in the Nasdaq-100 Index (the “Benchmark”), seeking to provide monthly distributions at a relatively stable level. The Fund seeks to deliver a significant portion of the returns associated with the Benchmark, while exposing investors to lower volatility than the Benchmark and also providing incremental income. The Fund’s equity portfolio follows a proprietary data science driven investment approach designed to construct a portfolio that maximizes risk-adjusted expected returns.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund outperformed the Benchmark and underperformed the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2022. The Fund captured 66% of the Benchmark’s total return with about 75% of the Benchmark’s volatility during the reporting period, resulting in distributed income of $3.48 per share.

The Fund’s security selection in the information technology and consumer discretionary sectors was a contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and communications sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Deere & Co. and Eaton Corp., and its overweight position in DexCom Inc. Shares of Deere, an agricultural equipment and machinery

manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Eaton, a manufacturer of electrical components and equipment, rose after the company reported better-than-expected earnings for the third quarter of 2022. Shares of DexCom, a manufacturer of diabetes monitoring devices, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast revenue growth for the full year 2022.

Leading individual detractors from relative performance included the Portfolio’s underweight positions in Gilead Sciences Inc., Starbucks Corp. and Ross Stores Inc. Shares of Gilead Sciences, a pharmaceuticals developer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its forecast for the full year. Shares of Starbucks, a beverages and food retailer not held in the Fund, rose later in the period after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter, as well as growth in comparable store sales. Shares of Ross Stores, a discount apparel retailer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a proprietary research process designed to identify what they believed were overvalued and undervalued stocks with attractive risk/return characteristics. The combination of the portfolio of equity securities and income from options-based equity-linked notes provided the Fund with a portion of the returns associated with equity market investments, less risk compared with the equity market, and a stream of distributable

monthly income.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan Nasdaq Equity Premium Income ETF

FUND COMMENTARY
SIX MONTHS ENDED DECEMBER 31, 2022 (Unaudited) (continued)

Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of December 31, 2022, the closing price was $40.80.

***

The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

****	Equity-Linked Notes that are linked to the Nasdaq-100 Index.
ELN	Equity-Linked Note

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF December 31, 2022		PERCENT OF TOTAL INVESTMENTS
1.	Microsoft Corp.	10.5%
2.	Apple, Inc.	8.8
3.	Alphabet, Inc., Class C	6.6
4.	Amazon.com, Inc.	5.0
5.	UBS AG, ELN, 97.50%, 2/7/2023, (linked to Nasdaq-100 Index) (Switzerland)	4.6
6.	Citigroup Global Markets Holdings, Inc., ELN, 103.55%, 1/31/2023, (linked to Nasdaq-100 Index)	4.1
7.	BofA Finance LLC, ELN, 91.38%, 1/10/2023, (linked to Nasdaq-100 Index)	3.5
8.	BNP Paribas, ELN, 92.00%, 1/24/2023, (linked to Nasdaq-100 Index)	3.0
9.	NVIDIA Corp.	2.4
10.	Tesla, Inc.	2.1

PORTFOLIO COMPOSITION BY SECTOR AS OF December 31, 2022	PERCENT OF TOTAL INVESTMENTS
Information Technology	39.4%
Communication Services	12.3
Consumer Discretionary	11.6
Health Care	6.2
Consumer Staples	5.3
Industrials	3.7
Utilities	1.6
Real Estate	0.4
Energy	0.4
Other ****	17.3
Short-Term Investments	1.8

J.P. Morgan Exchange-Traded Funds

December 31, 2022

TOTAL RETURNS AS OF December 31, 2022

	INCEPTION DATE	SIX MONTHS*	SINCE INCEPTION
JPMorgan Nasdaq Equity Premium Income ETF
Net Asset Value	May 3, 2022	(2.96)%	(11.04)%
Market Price		(3.51)	(11.01)


*	Not annualized.

LIFE OF FUND PERFORMANCE (5/3/22 TO 12/31/22)

Fund commenced operations on May 3, 2022.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Nasdaq Equity Premium Income ETF, the Nasdaq-100 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 3, 2022 to December 31, 2022. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Nasdaq-100 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The Nasdaq-100 Index includes 100 of the largest domestic and international non-financial companies listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not

contain securities of financial companies including investment companies. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

Nasdaq®, Nasdaq-100 Index®, Nasdaq 100® and NDX® are registered trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the “Corporations”) and are licensed for use by the adviser. The Fund has not been passed on by the Corporations as to its legality or suitability. The Fund is not issued, endorsed, sold, or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE FUND.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2022 (Unaudited)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 99.4%
Aerospace & Defense — 1.7%
General Dynamics Corp.	303	75,177
Northrop Grumman Corp.	269	146,769
Raytheon Technologies Corp.	1,520	153,399
Textron, Inc.	380	26,904
		402,249
Air Freight & Logistics — 0.9%
United Parcel Service, Inc., Class B	1,193	207,391
Airlines — 0.2%
Southwest Airlines Co. *	1,119	37,677
Auto Components — 0.0% ^
Magna International, Inc. (Canada)	210	11,798
Automobiles — 1.0%
Tesla, Inc. *	2,027	249,686
Banks — 4.2%
Bank of America Corp.	3,879	128,473
Citigroup, Inc.	817	36,953
Citizens Financial Group, Inc.	438	17,244
Fifth Third Bancorp	756	24,804
M&T Bank Corp.	170	24,660
PNC Financial Services Group, Inc. (The)	287	45,329
SVB Financial Group *	205	47,179
Truist Financial Corp.	6,049	260,288
US Bancorp	4,333	188,962
Wells Fargo & Co.	5,719	236,138
		1,010,030
Beverages — 2.5%
Coca-Cola Co. (The)	6,508	413,974
Constellation Brands, Inc., Class A	135	31,286
Monster Beverage Corp. *	929	94,322
PepsiCo, Inc.	382	69,012
		608,594
Biotechnology — 5.9%
AbbVie, Inc.	4,132	667,772
Alnylam Pharmaceuticals, Inc. *	112	26,617
Amgen, Inc.	513	134,734
Biogen, Inc. *	126	34,892
BioMarin Pharmaceutical, Inc. *	67	6,934
Neurocrine Biosciences, Inc. *	61	7,286
Regeneron Pharmaceuticals, Inc. *	494	356,416

INVESTMENTS	SHARES	VALUE($)

Biotechnology — continued
Seagen, Inc. *	225	28,915
Vertex Pharmaceuticals, Inc. *	558	161,139
		1,424,705
Building Products — 1.0%
Masco Corp.	357	16,661
Trane Technologies plc	1,289	216,668
		233,329
Capital Markets — 4.8%
Ameriprise Financial, Inc.	374	116,452
BlackRock, Inc.	117	82,910
Blackstone, Inc.	456	33,831
Charles Schwab Corp. (The)	2,109	175,595
CME Group, Inc.	182	30,605
Goldman Sachs Group, Inc. (The)	146	50,134
Intercontinental Exchange, Inc.	334	34,265
Morgan Stanley	3,970	337,529
MSCI, Inc.	52	24,189
Raymond James Financial, Inc.	182	19,447
S&P Global, Inc.	634	212,352
State Street Corp.	185	14,350
T. Rowe Price Group, Inc.	284	30,973
		1,162,632
Chemicals — 2.0%
Air Products and Chemicals, Inc.	274	84,463
Axalta Coating Systems Ltd. *	2,294	58,428
DuPont de Nemours, Inc.	212	14,550
Eastman Chemical Co.	1,067	86,897
Linde plc (United Kingdom)	190	61,974
PPG Industries, Inc.	1,066	134,039
Sherwin-Williams Co. (The)	161	38,210
		478,561
Commercial Services & Supplies — 0.1%
Cintas Corp.	22	9,936
Republic Services, Inc.	203	26,185
		36,121
Communications Equipment — 0.1%
Motorola Solutions, Inc.	66	17,009
Construction Materials — 0.6%
Martin Marietta Materials, Inc.	35	11,829
Vulcan Materials Co.	763	133,609
		145,438

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Consumer Finance — 0.6%
American Express Co.	742	109,631
Capital One Financial Corp.	490	45,550
		155,181
Containers & Packaging — 0.1%
Avery Dennison Corp.	54	9,774
Ball Corp.	331	16,927
		26,701
Diversified Financial Services — 0.8%
Berkshire Hathaway, Inc., Class B *	638	197,078
Diversified Telecommunication Services — 0.4%
Verizon Communications, Inc.	2,196	86,522
Electric Utilities — 2.4%
Entergy Corp.	148	16,650
FirstEnergy Corp.	233	9,772
NextEra Energy, Inc.	4,553	380,631
PG&E Corp. *	3,775	61,381
Xcel Energy, Inc.	1,689	118,416
		586,850
Electrical Equipment — 1.2%
Eaton Corp. plc	1,687	264,774
Rockwell Automation, Inc.	124	31,939
		296,713
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A	945	71,952
Corning, Inc.	226	7,219
TE Connectivity Ltd. (Switzerland)	83	9,528
		88,699
Energy Equipment & Services — 0.7%
Baker Hughes Co.	5,586	164,955
Entertainment — 0.3%
Netflix, Inc. *	133	39,219
Walt Disney Co. (The) *	279	24,239
		63,458
Equity Real Estate Investment Trusts (REITs) — 1.9%
AvalonBay Communities, Inc.	74	11,953
Camden Property Trust	65	7,272
Equinix, Inc.	33	21,616
Equity LifeStyle Properties, Inc.	188	12,145
Host Hotels & Resorts, Inc.	1,425	22,871
Prologis, Inc.	2,454	276,639

INVESTMENTS	SHARES	VALUE($)

Equity Real Estate Investment Trusts (REITs) — continued
SBA Communications Corp.	129	36,160
Sun Communities, Inc.	119	17,017
UDR, Inc.	435	16,848
Ventas, Inc.	966	43,518
		466,039
Food & Staples Retailing — 0.4%
Costco Wholesale Corp.	120	54,780
Walmart, Inc.	335	47,500
		102,280
Food Products — 0.3%
Hershey Co. (The)	41	9,495
Mondelez International, Inc., Class A	1,019	67,916
		77,411
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories	359	39,415
Baxter International, Inc.	479	24,415
Becton Dickinson and Co.	144	36,619
Boston Scientific Corp. *	4,961	229,545
Dexcom, Inc. *	298	33,745
Intuitive Surgical, Inc. *	596	158,149
Medtronic plc	868	67,461
Zimmer Biomet Holdings, Inc.	345	43,987
		633,336
Health Care Providers & Services — 5.3%
Centene Corp. *	411	33,706
Cigna Corp.	188	62,292
CVS Health Corp.	956	89,090
Elevance Health, Inc.	181	92,848
HCA Healthcare, Inc.	421	101,023
Humana, Inc.	133	68,121
McKesson Corp.	465	174,431
UnitedHealth Group, Inc.	1,229	651,591
		1,273,102
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A *	139	11,885
Booking Holdings, Inc. *	38	76,581
Chipotle Mexican Grill, Inc. *	49	67,987
Expedia Group, Inc. *	168	14,717
Marriott International, Inc., Class A	916	136,383
McDonald's Corp.	972	256,151
Yum! Brands, Inc.	93	11,911
		575,615

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2022 (Unaudited) (continued)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Household Durables — 0.2%
Lennar Corp., Class A	265	23,982
Newell Brands, Inc.	937	12,256
Toll Brothers, Inc.	143	7,139
		43,377
Household Products — 0.8%
Colgate-Palmolive Co.	583	45,935
Kimberly-Clark Corp.	194	26,335
Procter & Gamble Co. (The)	827	125,340
		197,610
Industrial Conglomerates — 0.4%
Honeywell International, Inc.	400	85,720
Insurance — 1.7%
Aon plc, Class A	56	16,808
Chubb Ltd.	237	52,282
Globe Life, Inc.	101	12,176
Hartford Financial Services Group, Inc. (The)	617	46,787
Loews Corp.	348	20,299
Marsh & McLennan Cos., Inc.	131	21,678
MetLife, Inc.	538	38,935
Progressive Corp. (The)	941	122,057
Prudential Financial, Inc.	296	29,440
Travelers Cos., Inc. (The)	274	51,372
		411,834
Interactive Media & Services — 4.1%
Alphabet, Inc., Class A *	5,706	503,441
Alphabet, Inc., Class C *	3,836	340,368
Meta Platforms, Inc., Class A *	1,274	153,313
		997,122
Internet & Direct Marketing Retail — 2.4%
Amazon.com, Inc. *	6,534	548,856
Etsy, Inc. *	95	11,379
MercadoLibre, Inc. (Brazil) *	27	22,848
		583,083
IT Services — 3.1%
Accenture plc, Class A	243	64,842
Automatic Data Processing, Inc.	322	76,913
Cognizant Technology Solutions Corp., Class A	696	39,804
FleetCor Technologies, Inc. *	134	24,613
International Business Machines Corp.	809	113,980

INVESTMENTS	SHARES	VALUE($)

IT Services — continued
Mastercard, Inc., Class A	967	336,255
Visa, Inc., Class A	467	97,024
		753,431
Life Sciences Tools & Services — 0.6%
Danaher Corp.	166	44,060
Thermo Fisher Scientific, Inc.	194	106,834
		150,894
Machinery — 2.4%
Deere & Co.	918	393,602
Dover Corp.	560	75,829
Otis Worldwide Corp.	338	26,469
Parker-Hannifin Corp.	254	73,914
		569,814
Media — 0.7%
Charter Communications, Inc., Class A *	102	34,588
Comcast Corp., Class A	3,097	108,302
Trade Desk, Inc. (The), Class A *	488	21,877
		164,767
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.	2,689	102,182
Nucor Corp.	91	11,995
		114,177
Multiline Retail — 0.9%
Dollar General Corp.	661	162,771
Target Corp.	314	46,799
		209,570
Multi-Utilities — 0.8%
Ameren Corp.	219	19,474
CenterPoint Energy, Inc.	718	21,533
CMS Energy Corp.	777	49,207
Public Service Enterprise Group, Inc.	886	54,285
Sempra Energy	243	37,553
		182,052
Oil, Gas & Consumable Fuels — 4.8%
Cheniere Energy, Inc.	251	37,640
Chevron Corp.	479	85,976
ConocoPhillips	4,006	472,708
Coterra Energy, Inc.	492	12,088
Diamondback Energy, Inc.	322	44,043
EOG Resources, Inc.	934	120,972
Exxon Mobil Corp.	2,365	260,859

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Phillips 66	119	12,386
Pioneer Natural Resources Co.	428	97,751
Valero Energy Corp.	80	10,149
		1,154,572
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A	71	17,616
Pharmaceuticals — 3.9%
Bristol-Myers Squibb Co.	4,740	341,043
Eli Lilly & Co.	822	300,721
Johnson & Johnson	859	151,742
Merck & Co., Inc.	656	72,783
Pfizer, Inc.	1,211	62,052
		928,341
Professional Services — 0.7%
Booz Allen Hamilton Holding Corp.	69	7,212
Equifax, Inc.	88	17,104
Leidos Holdings, Inc.	733	77,104
Verisk Analytics, Inc.	318	56,101
		157,521
Road & Rail — 1.4%
CSX Corp.	1,841	57,034
Norfolk Southern Corp.	707	174,219
Uber Technologies, Inc. *	3,451	85,343
Union Pacific Corp.	127	26,298
		342,894
Semiconductors & Semiconductor Equipment — 5.6%
Advanced Micro Devices, Inc. *	2,925	189,452
Analog Devices, Inc.	768	125,975
ASML Holding NV (Registered), NYRS (Netherlands)	164	89,610
Broadcom, Inc.	26	14,537
Enphase Energy, Inc. *	86	22,787
Lam Research Corp.	234	98,350
Microchip Technology, Inc.	301	21,145
Micron Technology, Inc.	139	6,947
NVIDIA Corp.	1,354	197,874
NXP Semiconductors NV (China)	2,029	320,643
QUALCOMM, Inc.	127	13,962
Teradyne, Inc.	758	66,211
Texas Instruments, Inc.	1,113	183,890
		1,351,383
Software — 8.4%
Adobe, Inc. *	145	48,797

INVESTMENTS	SHARES	VALUE($)

Software — continued
Cadence Design Systems, Inc. *	59	9,478
DocuSign, Inc. *	132	7,315
Fortinet, Inc. *	144	7,040
Intuit, Inc.	399	155,299
Microsoft Corp.	6,048	1,450,431
Oracle Corp.	2,674	218,573
Salesforce, Inc. *	315	41,766
Synopsys, Inc. *	222	70,882
Workday, Inc., Class A *	141	23,594
		2,033,175
Specialty Retail — 4.1%
AutoNation, Inc. *	88	9,442
AutoZone, Inc. *	105	258,949
Best Buy Co., Inc.	330	26,469
Burlington Stores, Inc. *	64	12,977
Home Depot, Inc. (The)	309	97,601
Lowe's Cos., Inc.	1,766	351,858
O'Reilly Automotive, Inc. *	76	64,146
TJX Cos., Inc. (The)	2,083	165,807
		987,249
Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.	9,702	1,260,581
Seagate Technology Holdings plc	422	22,201
		1,282,782
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B	1,485	173,760
Tapestry, Inc.	865	32,939
		206,699
Tobacco — 0.5%
Altria Group, Inc.	516	23,586
Philip Morris International, Inc.	951	96,251
		119,837
Wireless Telecommunication Services — 0.3%
T-Mobile US, Inc. *	456	63,840
Total Common Stocks (Cost $25,502,902)		23,928,520

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2022 (Unaudited) (continued)

INVESTMENTS	SHARES	VALUE($)
Short-Term Investments — 0.4%
Investment Companies — 0.4%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.12% (a) (b) (Cost $108,080)	108,080	108,080
Total Investments — 99.8% (Cost $25,610,982)		24,036,600
Other Assets Less Liabilities — 0.2%		38,420
NET ASSETS — 100.0%		24,075,020

Percentages indicated are based on net assets.

Abbreviations
NYRS	New York Registry Shares

^	Amount rounds to less than 0.1% of net assets.
*	Non-income producing security.
(a)	Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)	The rate shown is the current yield as of December 31, 2022.

Futures contracts outstanding as of December 31, 2022:

DESCRIPTION	NUMBER OF CONTRACTS	EXPIRATION DATE	TRADING CURRENCY	NOTIONAL AMOUNT ($)	VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)
Long Contracts
Micro E-mini S&P 500 Index	6	03/17/2023	USD	115,830	(2,051)

Abbreviations
USD	United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.

J.P. Morgan Exchange-Traded Funds

December 31, 2022

JPMorgan Active Growth ETF

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF December 31, 2022 (Unaudited)

INVESTMENTS	SHARES	VALUE($)
Common Stocks — 95.9%
Air Freight & Logistics — 0.7%
United Parcel Service, Inc., Class B	5,414	941,170
Automobiles — 1.6%
Tesla, Inc. *	18,242	2,247,050
Banks — 0.8%
First Republic Bank	3,191	388,951
SVB Financial Group *	3,107	715,045
		1,103,996
Beverages — 2.5%
Coca-Cola Co. (The)	29,946	1,904,865
Constellation Brands, Inc., Class A	3,118	722,597
Monster Beverage Corp. *	8,872	900,774
		3,528,236
Biotechnology — 8.1%
AbbVie, Inc.	15,807	2,554,569
Alnylam Pharmaceuticals, Inc. *	4,429	1,052,552
Amgen, Inc.	6,978	1,832,702
Exact Sciences Corp. *	12,301	609,023
Exelixis, Inc. *	17,889	286,940
Horizon Therapeutics plc *	10,303	1,172,481
Moderna, Inc. *	350	62,867
Natera, Inc. *	6,065	243,631
Regeneron Pharmaceuticals, Inc. *	4,379	3,159,405
Seagen, Inc. *	2,848	365,996
		11,340,166
Building Products — 1.3%
Trane Technologies plc	10,885	1,829,660
Capital Markets — 4.5%
Blackstone, Inc.	14,419	1,069,745
Charles Schwab Corp. (The)	34,038	2,834,004
Morgan Stanley	14,993	1,274,705
MSCI, Inc.	613	285,149
S&P Global, Inc.	2,321	777,396
		6,240,999
Chemicals — 0.3%
Sherwin-Williams Co. (The)	1,938	459,946
Commercial Services & Supplies — 0.6%
Copart, Inc. *	14,439	879,191
Communications Equipment — 0.2%
Arista Networks, Inc. *	2,418	293,424
Construction & Engineering — 1.0%
Quanta Services, Inc.	10,033	1,429,703

INVESTMENTS	SHARES	VALUE($)

Consumer Finance — 0.1%
Capital One Financial Corp.	1,745	162,215
Electrical Equipment — 1.3%
AMETEK, Inc.	6,314	882,192
Hubbell, Inc.	2,379	558,304
Rockwell Automation, Inc.	1,490	383,779
		1,824,275
Electronic Equipment, Instruments & Components — 1.3%
Amphenol Corp., Class A	11,413	868,986
Keysight Technologies, Inc. *	2,768	473,522
Zebra Technologies Corp., Class A *	1,591	407,948
		1,750,456
Energy Equipment & Services — 0.2%
Baker Hughes Co.	9,216	272,149
Entertainment — 0.1%
Take-Two Interactive Software, Inc. *	893	92,988
Health Care Equipment & Supplies — 2.7%
Cooper Cos., Inc. (The)	2,017	666,961
Dexcom, Inc. *	8,928	1,011,007
Insulet Corp. *	1,880	553,453
Intuitive Surgical, Inc. *	5,680	1,507,188
		3,738,609
Health Care Providers & Services — 6.5%
Centene Corp. *	4,365	357,974
CVS Health Corp.	11,078	1,032,359
HCA Healthcare, Inc.	5,120	1,228,595
McKesson Corp.	7,211	2,704,990
UnitedHealth Group, Inc.	7,228	3,832,141
		9,156,059
Hotels, Restaurants & Leisure — 2.7%
Airbnb, Inc., Class A *	1,601	136,885
Aramark	13,628	563,382
Booking Holdings, Inc. *	331	667,058
Chipotle Mexican Grill, Inc. *	326	452,322
Hilton Worldwide Holdings, Inc.	5,848	738,953
Marriott International, Inc., Class A	5,870	873,984
Royal Caribbean Cruises Ltd. *	6,065	299,793
		3,732,377
Household Durables — 0.2%
Garmin Ltd.	3,569	329,383
Insurance — 0.6%
Progressive Corp. (The)	6,837	886,827

SEE NOTES TO FINANCIAL STATEMENTS.

December 31, 2022

J.P. Morgan Exchange-Traded Funds

INVESTMENTS	SHARES	VALUE($)
Common Stocks — continued
Interactive Media & Services — 4.0%
Alphabet, Inc., Class C *	56,677	5,028,950
Bumble, Inc., Class A *	17,155	361,113
Match Group, Inc. *	1,050	43,564
Meta Platforms, Inc., Class A *	720	86,645
Snap, Inc., Class A *	1,704	15,251
		5,535,523
Internet & Direct Marketing Retail — 3.6%
Amazon.com, Inc. *	54,512	4,579,008
Etsy, Inc. *	1,216	145,652
MercadoLibre, Inc. (Brazil) *	336	284,337
		5,008,997
IT Services — 4.5%
Automatic Data Processing, Inc.	4,024	961,173

Fund	Ticker	Listing Exchange
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF	JUSA	NYSE Arca
JPMorgan Active Growth ETF	JGRO	NYSE Arca
JPMorgan Active Value ETF	JAVA	NYSE Arca
JPMorgan Equity Premium Income ETF	JEPI	NYSE Arca
JPMorgan Nasdaq Equity Premium Income ETF	JEPQ	Nasdaq Stock Market® LLC